Hello Monkeys, I am currently in the process of transferring and was frustrated by the lack of a centralized source of information about transfer friendly schools for IB, so I made one for the website. Anyone who has some value to add related to placement from any of these schools, please comment so I can make this more detailed and useful for students looking to transfer.
Note: I will intentionally leave out schools with really low rates of transfer because for most applicants, they're unrealistic to consider.
best transfer schools for investment banking
Northwestern (12.5% transfer acceptance rate) - Solid school for IB, especially in Chicago, but placement is decent in NYC as well. Overall, more people are interested in consulting (MBB's are big on campus) and there are generally 50 or so people in a class interested in banking.
Vanderbilt University (25-33% transfer acceptance rate) - Extremely fun school with a loyal alumni network. Most of the banking recruitment comes from southern banks like Harris Williams, Stephens, SunTrust, Raymond James and Wells Fargo as most students here are southern focused. However, NYC is possible and there have been a lot of people go to Bank of America (The most analysts at BAML come from Wharton, followed closely by Vanderbilt.)
Emory (25% transfer acceptance rate): Accepts transfers into business school only after spending 1 year as a pre business major, before applying to the business school. This is a risk because many people have attempted to do this and have been forced to settle with an econ major, which does not enjoy the same recruitment and respect as the Goizeuta business majors. I know of a kid who transferred to Emory and was WAITLISTED and eventually accepted with a 4.0 GPA before transfer and a 4.0 while at Emory for a year. He was not accepted until midway through the summer and planned to be an econ major but at the last minute a spot opened. It seems that transfer students are at a disadvantage when applying to the business school. However, if you are willing to take the risk, Gouizeta has solid regional placement in places like Charlotte, Raleigh and especially Atlanta for banking.
Duke: (10.7% transfer rate, extremely competitive as reflected below)- Great school, good placement in New york and in the south and has a solid name brand. Admission as transfer is very competitive (like undergrad). Solid stats are needed.
University of California – Berkeley: Berkeley has a very good national brand and does well in New York. However, most of the graduates will gravitate towards jobs in Los Angeles and San Francisco for obvious location reasons. The acceptance rate for out of state transfers is extremely low at around 4%. Most of the transfers come from California community colleges.
University of California - Los Angeles – Similar to Berkeley, with about a 5-8% transfer rate for out of state residents.
University of Southern California – Transfer rate, 25% to Marshall business program. Each year USC successfully places a good amount of students in banking, mostly in San Francisco. USC has a very strong alumni base and will fight to help students succeed.
University of North Carolina – Chapel Hill – UNC has a relatively high transfer admission rate, however they do not accept students directly into the business program (Kenan Flagler). Transfers will have to apply after one semester at UNC to the business school. Transfers are at a disadvantage and many solid transfer students do not get accepted and have to settle as econ. However I have heard stories of people transferring successfully, there is still a risk to it. Kenan Flagler students enjoy recruiting from many of the top banks in Charlotte and New York. UNC gets a lot of respect and has a very strong alumni base. The econ students do not enjoy the OCR opportunities for investment banks that the business students do.
Georgetown University – 10% acceptance rate, places very well into NYC IB. I have personally met numerous people in banking and trading at top firms in New York.
Cornell AEM/Hotel school/any school– Cornell is known as the most transfer friendly Ivy league school, and it places very well into banking. Cornell has an out of state, non community college transfer rate of about 10% with most of the successful applicants having GPA’s above a 3.8 and a solid ACT or SAT.
Indiana University – Bloomington – Indiana enjoys solid recruiting for finance students in both New York and Chicago. If you are able to join the investment-banking workshop you will almost certainly place into an MM at the very least. However, as a transfer you will need to apply to the business school after a semester or two. I am not aware of the rates of admission but I believe if you maintain a certain GPA you are automatically accepted. I have seen people transfer into Indiana and place into banking. One of the problems with Indiana is that they actively try to weed out kids by making classes very difficult, and the GPA of students applying to the business school is often hurt because of this. Watch out for that
University of Pennsylvania – Econ – Even Econ majors at Penn place very well for IB. You’re obviously better off being in Wharton but the transfer rate is insanely low into Wharton and almost unrealistic for applicants without perfect extracurricular and stats. Penn has a transfer rate around 9%.
Brown University – 5% transfer rate (extremely competitive), solid placement everywhere.
University of Virginia – Econ – Mcintire’s transfer rate is extremely low outside of the Virginia community college system. Econ placement is not as strong or sought after as Mcintire. Econ majors also don’t enjoy access to on campus recruiting
University of Michigan - Ross – Transferring into Ross requires staying for a year and applying to Ross after completion. Transferring in is very competitive, but if you can pull it off, Ross enjoys solid placement in Chicago and NYC. I personally would not take the risk of being an econ major if not being accepted to Ross after a year, but that’s just me.
Columbia – 6% (extremely competitive) acceptance rate, solid placement into IB.
New York University – Econ – Sterns transfer acceptance rate is extremely low, many transfers opt to do econ as they have access to Sterns OCR. I cannot speak firsthand about the placement for Econ, but I can tell you that it is very competitive, but certainly possible to break into IB as an econ at NYU. It helps with networking being in the city. However, I consider NYU econ to be a last resort. There are better options.
University of Wisconsin – Madison : ~ 40% transfer rate. UWM places well into Chicago and some of the top students make it to NYC. It is definitely possible to succeed and the alumni network pulls for the students. If you participate in the Investment Banking club at UW Madison you will have the opportunity to travel to New York and Chicago for networking trips. I gained a lot of respect for UW Madison when I checked LinkedIn for alumni in banking.
Villanova University Does not accept transfers into the business school except as an internal transfer after attending for a period. Very few external transfers are accepted. Villanova enjoys decent placement into NYC and has a strong alumni base. I don't know much about Villanova but there is not a lot of information about transferring into the business school available online.
UT Austin - Mccombs More information needed on placement. UT austin is a step above the other Texas schools for placement outside of Texas.
Other Texas/Energy focused Schools Rice University, Baylor, Texas A&M, Southern Methodist, TCU, Tulane. All of these schools are the best places you can go if you are interested in working in the south, especially in Dallas or Houston. Lots of energy jobs available. I know firsthand that students from SMU are capable of placing into NYC IB, but many of the students choose to live in the south. I mean why not? The women are beautiful and it's always warm and sunny. Also the cost of living is much lower, and from what I hear, the pay is comparable to NYC.
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@SouthernAlpha ILR and Hotel also are good for transfers at Cornell. ILR is especially transfer friendly, and hotel has a finance focus. Plus you get the same OCR as AEM
Thanks Big Shot, I will make changes to reflect your comment.
Of course, Also if you need some more information, let me know and I'd be happy to supply it
Great list. This is WSO. +1 if I had any :-(
Great list. Would this be similar for MBB and consulting?
Jpfwgyom,
Short answer : For most schools Yes.
Long answer: For the most part I would say this list applies for high finance in general, however I do have to say that because consulting is often more prestige and accomplishment oriented (From what I have read, high GPA and top school is more essential, compared to IB where work experience is most important, while GPA comes secondary, could be wrong though, hopefully some people in MBB can chime in) than Investment banking, it is possible that some of the schools like UWmadison, which is pretty good for banking because of their resources and network in banking, could be less successful for consulting.
However, I know for a fact that students at schools like Emory, Vandy, Duke, Ross, UNC and UCLA and Berkeley all place pretty well in consulting as well as banking.
What about Darthmouth? The D-Plan gotta be an advantage for getting off-cycle internships and everyone talks about alumni connections.
Dartmouth accepts about 15-20 students per year. More than half of the transfers come from top schools that are targets anyway (BC, Harvard, Columbia, Stanford, Pomona, etc.).That leaves Dartmouth with an acceptance rate for non target students of about 1.5-3% depending on the year.
I consider that too low to consider, but I am sure there are people that are capable of making the jump. Just not the majority.
very few spots open in off-cycle program. I think is 2-3 per bank for Dartmouth's fall/winter internship time
Would add UT, SMU, Rice for Houston placement.
I have added some of the texas schools to reflect your comment.
Do you have any insight on UT- Austins and Rice's placement in and outside of Texas for banking?
UT you can definitely place in NYC, but Houston is the primary target.
Rice is almost entirely Houston for Energy Banking.
No idea on TCU/Baylor/Tulane. You seem to have updated SMU appropriately in the above.
I love that you shamelessly promote the south on this forum.
(I'm not being sarcastic)
:) I am kind of biased as you can probably tell by my name. However, I must say that southern jobs often get a bad rap. Many people want to work in New York for the wrong reasons and don't realize how awesome the south can be in terms of lifestyle. Although career progression is probably better starting in New York, there are many compelling opportunities available in Dallas, Charlotte, and Atlanta for finance people. It completely depends on what you're interested in. Personally, I actually want to work in New York city for the beginning of my career because of my interest in Hedge funds. However, I have no interest in staying in the city for more than 10 years. I want to move back down south as soon as possible.
For TCU and SMU, if you know could you elaborate a little more about the banks that recruit there?
Well you seem to know what you're doing, but if you'd like advice (particularly when it comes to making the jump from the south to NYC) feel free to PM me. I'd be happy to help a fellow southerner who has his/her act together.
If you're at a southern non-target, transferring up is about the smartest thing you can do.
What are people's thoughts on Colgate, Wesleyan, Wake Forest, or Trinity for IB, finance, and overall desirable job placement and opportunities
I don't go to Colgate but I've heard from a friend that Colgate sends quite a few kids to IB. Can't comment on Wesleyan, WF, and Trinity.
Colgate is probably one of the best schools out there in general for IB. They are well represented on the street and alums really pull for them. Wesleyan might have a bit of OCR in general (doubtful in IB), but WF and Trinity aren't even on the map.
As someone who is intending on transferring to a school with better recruiting, this list is awesome. Thank you for putting this together.
Hey! I'm trying to do the same thing! Could you message me personally so that we could talk?
I was a UNC grad, transfer, and econ major. Not true that econ students don't get OCR for investment banks. While Kenan-Flagler has its own career services, investment banks also post front office positions on the general career services system available to the whole student body.
Pro-tip: the business minor is only a few classes, and you can easily register for business classes if you do a summer session. This way you can get the best of both.
Julian, Thanks for the note, I will make a revision, that helps alot. Have you seen success in terms of placement from econ majors with business minors at UNC?
And also, in response to your comment about UCLA and Duke lacking business schools at the undergrad level, yes that is true, however, from what I am aware of, the econ majors are essentially treated as business majors when it comes to recruitment. I will be sure to make changes to make a distinction.
I actually just got into UNC chapel hill. Waiting on Vanderbilt and Georgetown.
UNC would be awesome, but I need more information on recruiting. Any chance you can expand on what you said here? Is it significantly harder as an econ major from UNC to break in? Does it help to double major in Econ and something else (Bio, History, etc)
Let me know what you think. Obviously it is stupid to expect admisison into KF, and I consider it risky.
Do you have any other options?
What were your stats? Did you get into vandy?
I should also mention that some of the schools that you listed, like Duke and UCLA, do not offer business on the undergraduate level so you will need to study Econ or similar. This is not to say that those schools are "bad" but should just reiterate that you don't need to be a business major to get OCR access.
Suppose you were in the UMD College Park business school, would it be worthwhile to transfer to another school or are there opportunities at Maryland? Considering going there next year. Thanks
I know of some people that have broken into NYC bb's from there. It's definitely possible. If there's better options, definitely go for the better option, however, it's doable.
Mccombs external transfers need a 3.8+ gpa
McCombs is primarily a feeder into the energy banks, but they send around 10-25 every year to NY.
OP, thanks for this great post. Just wanted to ask if USC grads primarily go to SF banking. Do you know if USC kids go to VC in the West Coast? USC just seems like an awesome school all around and the transfer rate for Marshall is relatively high.
quote from another thread
Shit. I didn't know that USC was recruited by BBs. Once again, great post man.
Very good comprehensive list. Was just looking at this type of stuff yesterday. So thanks for compiling it!
Hmm, I didn't know Stern's transfer acceptance rate was low. I knew it was low for other NYU schools (e.g. CAS) but there are a bunch of transfers from other schools. It's easy to get screwed in terms of credit and required classes though. Stern may get a lot of shit here but it's definitely way better than NYU CAS Econ for banking.
A bit more info for Villanova B-School transfer:
I was accepted as an external junior transfer with 3.85-3.90 GPA and 32 ACT. I believe that as long as you fit their class's profile, then you should be accepted. What I mean is that I didn't have any leadership roles or anything special on my resume/essay when I applied, but my stats and classes taken were pretty similar to a typical VSB student's. So I personally didn't think it was that hard to externally transfer in, especially since they didn't even require recommendation letters. I know some internal transfers who weren't successful, and that could probably be attributed to when they applied and the type of coursework taken.
Cornell ILR is crazy easy to transfer into if you're even decently intelligent. Far easier than AEM/A&S/Hotel
Wish I had this 2 years ago ... ugh. Oh well, great list, thanks!
Duke transfer friendly? I'm very knowledgeable and experienced in the transfer admissions process and Duke is definitely not easy to get into transferring. You're even further off by listing Brown and Columbia. Even Gergetown is pushing it. Brown is among some of the least transfer friendly schools in the country.
Also for schools like Cornell, the statistics are misleading. I know you mentioned it in your post, but the >20% acceptance rate comes from the guaranteed CC transfers. I was accepted to a Emory/Vanderbilt/ND type school and I had a 3.9 GPA at my time of transfer with solid recs and essays. A large part of the transfer admissions process is luck; so although you may see a 10% at a Duke/NW as possible, it's far harder to get into one than you think. A more realistic goal is to shoot for schools with over 25% acceptance rate, as there are always spots for legacies, guaranteed transfers, etc. The transfer admissions process is a different ballgame.
Duke is very difficult to get into as a transfer they accept around 20-25 students out of almost 700. Also for all of these schools it is important to consider that if the transfer acceptance rate is 10 percent like it is for brown and penn that a few percent will probably go to transfer athletes, people who know board of trustees or something, and then the 4.0's from another target school. Only a few percent for strong but normal applicants. It is definitely harder then people think and even that the numbers indicate trying to transfer into a lot of these schools.
Kind of a side track, but does Dartmouth have good IBD placement in NYC? People keep talking about the alumni network but I haven't seen its workings first hand.
I couldn't find information about Vanderbilt undergrad business degrees, am I missing something?
If I remember correctly, Vanderbilt does not offer a business degree, you gotta do econ or math
Again, speaking from experience I'll make a list of the schools that are "reach" for people with 3.5+ GPA, decent recs and decent HS GPA and above average essay.
Vanderbit, Emory, UVA, UNC, UM, UT, USC, NYU. These are "realistic" and if you work hard you will have a decent shot.
Georgetown and Cornell will be somewhat of a crapshoot. Georgetown is going to be harder than the previous schools but it is still doable.
Every other school on the list will involve over 50% luck.
Vandy econ with a 3.6+ GPA and some networking should put you in NYC, that is if you're socially competent and decent at interviewing.
If you're going to list TCU and Tulane, throw in Baylor into the mix. It's not a traditional high finance school, but on par with others in the state (outside of UT, Rice, and SMU) and is only getting stronger.
comment on Colgate: went there my freshmen year-- great school and it puts you in a really good position for IB positions in NYC (my older brother pulled 2 year IB analyst at Morgan Stanley coming out of Colgate).
As for Texas schools @SouthernAlpha, I would add Trinity University.. it's got a good network for IB/energy in Houston and a lot of investment firm/AM firm guys in Dallas & San Antonio
did you leave Colgate? and if so where did you transfer to? It seems they place students extremely well in finance and have very strong and active alumni network
I did transfer, which obviously wasn't the best decisions for a prospective career in IB but it was for a variety of personal reasons.. I actually go to Trinity University now in San Antonio. While it's not the best IB route, I got interviews at Morgan, UBS, and Houlihan Lokey (I plugged both UBS/houlihan through Trinity alums working there). However, I can most definitely vouch for Colgate being a great school for getting into IB. Most of my friends there got interviews at the BB banks. I'm not sure how transfer friendly it is but I imagine it's much like the other schools he listed.
I can vouch for UT Austin. Goldman, Wells Fargo, Evercore, Greenhill, RBC, and a couple other boutiques recruit for NY IB slots right on campus through the business school's OCR system (you have to be a business major/preferably finance obviously). Placement was crazy good this year and there are several going to Goldman NY full-time and as summer interns (as well as at Wells, Evercore, and Greenhill). A few others backdoored their way into MS and JPM. That said, the vast majority prefer to bank in Houston, and UT absolutely crushes every other Texas school for Houston IB placement. Every Houston bank recruits like half their analysts from UT, and I know very few guys who actually went through IB recruiting without holding offers at the end.
The other good thing is that a lot of McCombs (that's the b-school) kids prefer to do consulting/corp. fin./accounting instead, so the competition isn't as intense as at other target schools. Overall, UT is the best place if you want to bank in Houston, and the best place in Texas if you want to bank in NY. Most McCombs kids do legitimately prefer Houston though, because compensation is the same (~$120-150 1st year salary + bonus), but the cost of living is unfathomably cheaper. I know guys who pocket 80% of their salary each month as pure profit. Plus no state income tax (!). Only downside is most of your exit opps will also happen to be in Houston, so it really does need to be something you're interested in for the long term.
Can second this, although I haven't paid attention on placement and just remember the list of super days. Apollo also has a resume drop for summer interns from the sophomore class.
Primarily BHP kids that get offers as far as I'm aware. No clue on placement for McCombs ex-BHP.
Yeah non-BHP kids are certainly discounted, but I still know a few who broke into Houston. They care more about prior work experience, GPA, and your networking efforts than anything else.
Good stuff! As a former transfer student this list would've helped me alot when I was in the process of transferring. Its a way in that shouldn't be neglected.
I'm helping a number of students at the local community college near home with their transfer applications so these stats are really great to have. Thanks!
@ottoreadmore In that case, have your best students look at Amherst College. I have no idea what their recruiting is like with bulge bracket banks but given their academic reputation, it would be a great place for some students to land. I mention Amherst because they have recently started/accelerated entry to those transferring into their school from community colleges. Take a look for yourself: https://www.amherst.edu/admission/apply/transfer/community_collegeapp
Hope this helps!